US investment firm Criterion Capital Partners are reported to be interested in purchasing Bebo from AOL, a mere two years after internet services company purchased the ailing social network for £574m.

Criterion are thought to be prepared to pay only a small fraction of that price when they pick up the reigns to the site however, which has been haemorrhaging millions of users to Facebook.

Bebo founder Michael Birch, who is thought to have scooped a healthy £300m from the original sale isn’t thought to be interested in a return.

It follows a strategic review of Bebo conducted by AOL last month in which the decision was made to either close or sell the struggling network.

Bebo has been the primary casualty of Facebook’s rise to global dominance as the fickle teenagers who once flocked to its servers switch to the American giant.